Thursday, May 17, 2012
Sundance Film Festival an $80 million impact, report says
The Bureau of Economic and Business Research at the University of Utah reported Wednesday that the 2012 Sundance Film Festival generated an overall economic impact of $80 million for the state.
Total festival-related spending increased 15 percent over 2011 levels, driven by increases in lodging expenditures and retail purchases.
"The 2012 Sundance Film Festival was a resounding success from a number of perspectives, and we are pleased to see the positive impact it continues to have each year on the state's economy," said Jill Miller, managing director of Sundance Institute.
The economic impacts of nonresident visitor spending during the 2012 event included $69.7 million in gross state product and $36 million in earnings for Utah workers. The report showed that level of earnings supported 1,376 jobs in the state, generated $4.5 million in state tax revenue and $2 million in tax revenue for local governments over the 10-day period of the festival from January 19 to January 29. Deseret News